Cedar Fair holds conference; headquarters might leave Sandusky

Monday, 22 May 2006

By BRANDI BARHITE
brandibarhite@sanduskyregister.com

SANDUSKY - Cedar Fair's purchase of five Paramount Parks will bring financial and weather diversity to the partnership, according to Dick Kinzel, Cedar chairman, president and chief executive officer.

It also puts the partnership in a position to be the largest regional amusement park entertainers in the world.

Calling the Paramount Parks already well-maintained with well-trained employees, Kinzel said, "These are quality parks. These aren't parks we have to go in and rebuild."

But the $1.24 billion purchase announced this morning also puts in jeopardy the city of Sandusky remaining the headquarters for the partnership.

Peter Crage, corporate vice president of finance and chief financial officer, said the partnership hasn't made a decision, but will take its time evaluating options.

Paramount's headquarters is in Charlotte, N.C. and the lease for that ends in August or September, Crage said during a live conference call this afternoon.

The five Paramount Parks are Canada's Wonderland near Toronto, Canada; King's Island near Cincinnati, Ohio; King's Dominion near Richmond, Va.; Carowinds near Charlotte, N.C.; and Great America located in Santa Clara, Calif.

Cedar Fair reported $569 million in revenues in 2005 with the bulk from Cedar Point in Sandusky and Knott's Berry Farm, near Los Angeles, Kinzel said. With the acquisition, the partnership can "spread the load out," he said. Cedar Fair owns and operates seven amusement parks and five waterparks.

On a combined basis, Cedar Fair and Paramount generated almost $1 billion in revenues and entertained approximately 25 million guests in 2005.

Kinzel said Knott's will continue to be the partnership's only year-round park, although the newly acquired seasonal parks, in particular those in warmer climates, could open earlier and close later.

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